GREENWICH, Conn. (AP) -- Blyth lost money in its second quarter on weak sales and direct sales company slashed its full-year earnings outlook, sending shares tumbling nearly 23 percent to a multiyear low Friday.
The company, which sells candles, home accessories and weight-loss products through home parties and other methods, lost $3.2 million, or 20 cents per share, for the period ended June 30. That compares with a profit of $8 million, or 46 cents per share, a year ago.
Stripping out dividends paid to ViSalus noncontrolling stakeholders in excess of income earned, Blyth Inc. lost 8 cents per share.
Revenue for the Greenwich, Conn., company fell 32 percent to $211.7 million from $309.5 million, mostly due to a 47 percent sales decline at its ViSalus business, which includes energy drinks and nutritional products.
Sales for PartyLite, which includes candles and home decor, dropped 12 percent to $77.8 million as it had fewer sales associates in many of its bigger, more mature markets.
One bright spot was that Miles Kimball sales, which includes catalog and online sales, climbed 4 percent to $32.4 million on a double-digit increase in sales of health and wellness products and increased sales associated with the new Miles Kimball credit program.
For the year, Blyth now expects earnings of 75 cents to 90 cents per share. Its prior guidance called for earnings of $1.30 to $1.45 per share. The company said that the revised outlook is mostly due to a decline in ViSalus' sales expectations.
Blyth's stock slid $3.21, or 22.6 percent, to $10.99 in midday trading. The shares fell to $10.93 earlier in the session, their lowest level since March 2009.